Date of Report (date of earliest event reported) |
|
|
(Exact name of registrant as specified in its charter)
|
|
|
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification Number)
|
|
|
(Address of Principal Executive Offices)
|
Zip Code
|
Registrant's telephone number, including area code
|
(Former name or former address, if changed since last report.)
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
|
Emerging growth company
|
|
Title of each class
|
Trading symbol
|
Name of exchange on which registered
|
|
|
|
Exhibit No.
|
|
Description
|
|
|
|
|
|
|
|
||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
|
VISHAY INTERTECHNOLOGY, INC.
|
|
By:
|
/s/ Lori Lipcaman
|
|
|
Name:
|
Lori Lipcaman
|
|
|
Title:
|
Executive Vice President and
|
|
|
|
Chief Financial Officer
|
•
|
Revenues Q1 of $854 million.
|
•
|
Gross margin Q1 of 30.3%.
|
•
|
Operating margin Q1 of 17.1%.
|
•
|
EPS Q1 of $0.71.
|
•
|
Free Cash for the trailing 12 months of $209 million.
|
•
|
Total Stockholder Return Q1 of $24.4 million--$14.5 million of dividend payments and $9.9 million of stock repurchases
|
•
|
Guidance Q2 2022 for revenues of $830 to $870 million and at a gross margin of 28.1% plus/minus 50 basis points at Q1 exchange rates.
|
VISHAY INTERTECHNOLOGY, INC.
|
||||||||||||
Summary of Operations
|
||||||||||||
(Unaudited - In thousands, except per share amounts)
|
||||||||||||
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
December 31, 2021
|
April 3, 2021
|
||||||||||
Net revenues
|
$
|
853,793
|
$
|
843,072
|
$
|
764,632
|
||||||
Costs of products sold
|
594,685
|
613,116
|
561,683
|
|||||||||
Gross profit
|
259,108
|
229,956
|
202,949
|
|||||||||
Gross margin
|
30.3
|
%
|
27.3
|
%
|
26.5
|
%
|
||||||
Selling, general, and administrative expenses
|
112,855
|
108,311
|
105,685
|
|||||||||
Operating income
|
146,253
|
121,645
|
97,264
|
|||||||||
Operating margin
|
17.1
|
%
|
14.4
|
%
|
12.7
|
%
|
||||||
Other income (expense):
|
||||||||||||
Interest expense
|
(4,222
|
)
|
(4,292
|
)
|
(4,376
|
)
|
||||||
Other
|
(5,751
|
)
|
(3,495
|
)
|
(5,731
|
)
|
||||||
Total other income (expense) - net
|
(9,973
|
)
|
(7,787
|
)
|
(10,107
|
)
|
||||||
Income before taxes
|
136,280
|
113,858
|
87,157
|
|||||||||
Income tax expense
|
32,330
|
77,027
|
15,514
|
|||||||||
Net earnings
|
103,950
|
36,831
|
71,643
|
|||||||||
Less: net earnings attributable to noncontrolling interests
|
377
|
308
|
208
|
|||||||||
Net earnings attributable to Vishay stockholders
|
$
|
103,573
|
$
|
36,523
|
$
|
71,435
|
||||||
Basic earnings per share attributable to Vishay stockholders
|
$
|
0.71
|
$
|
0.25
|
$
|
0.49
|
||||||
Diluted earnings per share attributable to Vishay stockholders
|
$
|
0.71
|
$
|
0.25
|
$
|
0.49
|
||||||
Weighted average shares outstanding - basic
|
145,053
|
145,019
|
144,968
|
|||||||||
Weighted average shares outstanding - diluted
|
145,553
|
145,617
|
145,463
|
|||||||||
Cash dividends per share
|
$
|
0.100
|
$
|
0.100
|
$
|
0.095
|
VISHAY INTERTECHNOLOGY, INC.
|
||||||||
Consolidated Condensed Balance Sheets
|
||||||||
(In thousands)
|
||||||||
April 2, 2022
|
December 31, 2021
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
789,248
|
$
|
774,108
|
||||
Short-term investments
|
96,561
|
146,743
|
||||||
Accounts receivable, net
|
418,288
|
396,458
|
||||||
Inventories:
|
||||||||
Finished goods
|
159,909
|
147,293
|
||||||
Work in process
|
251,722
|
226,496
|
||||||
Raw materials
|
191,256
|
162,711
|
||||||
Total inventories
|
602,887
|
536,500
|
||||||
Prepaid expenses and other current assets
|
163,227
|
156,689
|
||||||
Total current assets
|
2,070,211
|
2,010,498
|
||||||
Property and equipment, at cost:
|
||||||||
Land
|
74,237
|
74,646
|
||||||
Buildings and improvements
|
642,097
|
639,879
|
||||||
Machinery and equipment
|
2,775,615
|
2,758,262
|
||||||
Construction in progress
|
129,268
|
145,828
|
||||||
Allowance for depreciation
|
(2,650,810
|
)
|
(2,639,136
|
)
|
||||
970,407
|
979,479
|
|||||||
Right of use assets
|
114,094
|
117,635
|
||||||
Deferred income taxes
|
93,497
|
95,037
|
||||||
Goodwill
|
165,032
|
165,269
|
||||||
Other intangible assets, net
|
65,546
|
67,714
|
||||||
Other assets
|
101,382
|
107,625
|
||||||
Total assets
|
$
|
3,580,169
|
$
|
3,543,257
|
VISHAY INTERTECHNOLOGY, INC.
|
||||||||
Consolidated Condensed Balance Sheets (continued)
|
||||||||
(In thousands)
|
||||||||
April 2, 2022
|
December 31, 2021
|
|||||||
(Unaudited)
|
||||||||
Liabilities and equity
|
||||||||
Current liabilities:
|
||||||||
Trade accounts payable
|
$
|
235,755
|
$
|
254,049
|
||||
Payroll and related expenses
|
156,012
|
162,694
|
||||||
Lease liabilities
|
23,080
|
23,392
|
||||||
Other accrued expenses
|
210,531
|
218,089
|
||||||
Income taxes
|
51,005
|
35,443
|
||||||
Total current liabilities
|
676,383
|
693,667
|
||||||
Long-term debt less current portion
|
456,484
|
455,666
|
||||||
U.S. transition tax payable
|
110,681
|
110,681
|
||||||
Deferred income taxes
|
71,435
|
69,003
|
||||||
Long-term lease liabilities
|
96,272
|
99,987
|
||||||
Other liabilities
|
93,261
|
95,861
|
||||||
Accrued pension and other postretirement costs
|
259,531
|
271,672
|
||||||
Total liabilities
|
1,764,047
|
1,796,537
|
||||||
Equity:
|
||||||||
Vishay stockholders' equity
|
||||||||
Common stock
|
13,290
|
13,271
|
||||||
Class B convertible common stock
|
1,210
|
1,210
|
||||||
Capital in excess of par value
|
1,349,552
|
1,347,830
|
||||||
Retained earnings
|
490,776
|
401,694
|
||||||
Treasury stock (at cost)
|
(9,873
|
)
|
-
|
|||||
Accumulated other comprehensive income (loss)
|
(32,177
|
)
|
(20,252
|
)
|
||||
Total Vishay stockholders' equity
|
1,812,778
|
1,743,753
|
||||||
Noncontrolling interests
|
3,344
|
2,967
|
||||||
Total equity
|
1,816,122
|
1,746,720
|
||||||
Total liabilities and equity
|
$
|
3,580,169
|
$
|
3,543,257
|
VISHAY INTERTECHNOLOGY, INC.
|
||||||||
Consolidated Condensed Statements of Cash Flows
|
||||||||
(Unaudited - In thousands)
|
||||||||
Three fiscal months ended
|
||||||||
April 2, 2022
|
April 3, 2021
|
|||||||
Operating activities
|
||||||||
Net earnings
|
$
|
103,950
|
$
|
71,643
|
||||
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
40,650
|
42,146
|
||||||
(Gain) loss on disposal of property and equipment
|
(59
|
)
|
(177
|
)
|
||||
Inventory write-offs for obsolescence
|
5,825
|
4,784
|
||||||
Deferred income taxes
|
2,347
|
901
|
||||||
Other
|
8,816
|
5,728
|
||||||
Changes in operating assets and liabilities
|
(127,944
|
)
|
(67,703
|
)
|
||||
Net cash provided by operating activities
|
33,585
|
57,322
|
||||||
Investing activities
|
||||||||
Purchase of property and equipment
|
(35,909
|
)
|
(28,527
|
)
|
||||
Proceeds from sale of property and equipment
|
72
|
200
|
||||||
Purchase of short-term investments
|
(7,753
|
)
|
(12,853
|
)
|
||||
Maturity of short-term investments
|
56,674
|
29,519
|
||||||
Other investing activities
|
(199
|
)
|
347
|
|||||
Net cash provided by (used in) investing activities
|
12,885
|
(11,314
|
)
|
|||||
Financing activities
|
||||||||
Repurchase of convertible debt instruments
|
-
|
(300
|
)
|
|||||
Dividends paid to common stockholders
|
(13,259
|
)
|
(12,608
|
)
|
||||
Dividends paid to Class B common stockholders
|
(1,210
|
)
|
(1,149
|
)
|
||||
Repurchase of common stock held in treasury
|
(9,873
|
)
|
-
|
|||||
Cash withholding taxes paid when shares withheld for vested equity awards
|
(2,123
|
)
|
(1,963
|
)
|
||||
Net cash used in financing activities
|
(26,465
|
)
|
(16,020
|
)
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
(4,865
|
)
|
(6,015
|
)
|
||||
Net increase in cash and cash equivalents
|
15,140
|
23,973
|
||||||
Cash and cash equivalents at beginning of period
|
774,108
|
619,874
|
||||||
Cash and cash equivalents at end of period
|
$
|
789,248
|
$
|
643,847
|
VISHAY INTERTECHNOLOGY, INC.
|
||||||||||||
Reconciliation of Adjusted Earnings Per Share
|
||||||||||||
(Unaudited - In thousands, except per share amounts)
|
||||||||||||
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
December 31, 2021
|
April 3, 2021
|
||||||||||
GAAP net earnings attributable to Vishay stockholders
|
$
|
103,573
|
$
|
36,523
|
$
|
71,435
|
||||||
Reconciling items affecting tax expense (benefit):
|
||||||||||||
Changes in tax laws and regulations
|
$
|
-
|
$
|
53,316
|
$
|
(4,395
|
)
|
|||||
Adjusted net earnings
|
$
|
103,573
|
$
|
89,839
|
$
|
67,040
|
||||||
Adjusted weighted average diluted shares outstanding
|
145,553
|
145,617
|
145,463
|
|||||||||
Adjusted earnings per diluted share
|
$
|
0.71
|
$
|
0.62
|
$
|
0.46
|
VISHAY INTERTECHNOLOGY, INC.
|
||||||||||||
Reconciliation of Free Cash
|
||||||||||||
(Unaudited - In thousands)
|
||||||||||||
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
December 31, 2021
|
April 3, 2021
|
||||||||||
Net cash provided by operating activities
|
$
|
33,585
|
$
|
146,652
|
$
|
57,322
|
||||||
Proceeds from sale of property and equipment
|
72
|
60
|
200
|
|||||||||
Less: Capital expenditures
|
(35,909
|
)
|
(100,216
|
)
|
(28,527
|
)
|
||||||
Free cash
|
$
|
(2,252
|
)
|
$
|
46,496
|
$
|
28,995
|
VISHAY INTERTECHNOLOGY, INC.
|
||||||||||||
Reconciliation of EBITDA and Adjusted EBITDA
|
||||||||||||
(Unaudited - In thousands)
|
||||||||||||
Fiscal quarters ended
|
||||||||||||
April 2, 2022
|
December 31, 2021
|
April 3, 2021
|
||||||||||
GAAP net earnings attributable to Vishay stockholders
|
$
|
103,573
|
$
|
36,523
|
$
|
71,435
|
||||||
Net earnings attributable to noncontrolling interests
|
377
|
308
|
208
|
|||||||||
Net earnings
|
$
|
103,950
|
$
|
36,831
|
$
|
71,643
|
||||||
Interest expense
|
$
|
4,222
|
$
|
4,292
|
$
|
4,376
|
||||||
Interest income
|
(560
|
)
|
(362
|
)
|
(287
|
)
|
||||||
Income taxes
|
32,330
|
77,027
|
15,514
|
|||||||||
Depreciation and amortization
|
40,650
|
41,942
|
42,146
|
|||||||||
EBITDA
|
$
|
180,592
|
$
|
159,730
|
$
|
133,392
|
||||||
Reconciling items
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Adjusted EBITDA
|
$
|
180,592
|
$
|
159,730
|
$
|
133,392
|
||||||
Adjusted EBITDA margin**
|
21.2
|
%
|
18.9
|
%
|
17.4
|
%
|
||||||
** Adjusted EBITDA as a percentage of net revenues
|